ARTICLES ABOUT GOLD COINS BY DATE - PAGE 4

MUMBAI: The year 2013 was a forgettable one for gold investors as they watched the precious metal sink 27% after a remarkable bull run lasting nearly a decade. When prices reached $1,200 levels some time last year, most experts predicted that the gold rally was over. So far this year, those predictions have not turned out to be exactly right. Gold has managed to buck the trend, rising 10.4% year to date as emerging market economic weakness combined with rising geopolitical tensions revived its status as a safe haven.

NEW YORK: Austria's mint is running 24 hours a day to meet orders for gold coins, joining counterparts from the US to the UK to Australia in reporting accelerating demand boosted by the bear market in bullion. Austria's Muenze Oesterreich mint hired extra employees and added a third eight-hour shift to the day in a bid to keep up with demand. Purchases of bullion coins at Australia's Perth Mint rose 20% this year through January 20 from a year earlier. Sales by the US Mint are set for the best month since April, when the metal plunged into a bear market.

NEW DELHI: The country's imports of gems and jewellery fell over 11 per cent to Rs 15,735 crore in December after a sharp drop in shipments of gold bars and jewellery due to government curbs, the industry body said. The country had imported gems and jewellery worth Rs 17,692 crore in the same month in 2012, it said. "There has been a significant decline in import of gold bars and jewellery because of restrictions. However, import of diamonds is on the rise," Gems and Jewellery Export Promotion Council (GJEPC)

MUMBAI: Reserve Bank has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery. "In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes...," RBI said in a notification. Bullet repayment means a lump sum payment for the entire loan amount paid at the time of maturity.

NEW DELHI: The government has not banned banks from selling gold coins, Parliament has been informed. "The government has not banned banks from selling gold coins. However, RBI has prohibited import of gold in form of coins and medallions," Minister of State for Finance Namo Narain Meena said in a written reply to Lok Sabha last Friday. Seeking to reduce the import of gold, the Reserve Bank on August 14 had prohibited inward shipment of gold coins, medallions and dores without licence.

AHMEDABAD/KOLKATA: After he etched his name in cricketing record books and hearts of millions of sports lovers, Sachin Tendulkar is being literally cast in gold. The batsman of batsmen, who hung up his pads recently and received the Bharat Ratna as a farewell gift of sorts from the government, has inspired at least two jewellers to create gold and silver coins in his image. Bangalore-based Valuemart Gold & Jewels plans to flood its 3,000 retail outlets in the country with Tendulkar-embossed coins by the month-end.

MUMBAI: The finance ministry has cancelled India Post's tender for sale of gold coins through its post office network across the country. India Post had sought to sell gold coins at a time when the government is discouraging commercial banks to sell gold coins. The finance ministry has cancelled the tender. "The tender is cancelled," said finance minister P Chidambaram at a media briefing following the launch of the Mahila Bank on Tuesday. India imported 850 tonnes of gold valued at about $58 billion.

NEW DELHI: CPI today sought the Prime Minister's intervention in stopping the sale of gold coins from post offices, saying it went against the Finance Ministry's directive to restrict the sale and import of gold. In a letter to Prime Minister Manmohan Singh , party General Secretary S Sudhakar Reddy said that "high gold imports and specifically the import of gold coins has surely led to a burden on our import bill" and referred to Finance Minister P Chidambaram's statement on ban on imports of gold coins and medallions.

KOLKATA: Jewellers across India are in no mood to listen to finance minister Chidambaram's request to suspend manufacture and sale of gold coins in the country. After suspending the sale of gold coins for nearly four months since July, jewellers have decided to offer gold coins of smaller denominations because the government is yet to replace the 20:80 policy on gold imports that has made supply of gold through banks and nominated agencies difficult in the country but has given a fillip to the entry of gold through illegal routes.

NEW DELHI: Amidst government taking measures to discourage gold consumption, the Department of Posts has floated a tender for sale of gold coins category through about 1,000 post offices. "Tenders are invited on behalf of the President of India from the manufacturer/suppliers of gold coins for supplying gold coins of various denominations to the Department of Posts for selling them on sale or return basis on commission through specified post offices," the tender said. The contract will be valid for two years and the Department can increase or decrease number of post offices considering the commercial viability and demand for the same.